Stop Banking with Sterling Bank, Withdraw Your Money Immediately — Protesters storm CBN

Hundreds of protesters on Wednesday stormed the corporate headquarters of the Central Bank of Nigeria (CBN) in Abuja, accusing Sterling Bank and other financial institutions of fraudulent practices and unfair treatment of customers.

The demonstrators, operating under the aegis of the Coalition of Civil Society Organisations (CSOs) Against Bank Fraud and Customers Victimisation, carried placards with inscriptions such as “Forgery,” “Criminal Impersonation,” “Stop Suffocating Your Customers,” and “Customers Should Stop Banking with Sterling Bank  Those That Have Money Should Withdraw It Immediately.”

Led by the CSO’s Director of Mobilisation and Advocacy, Flora Elekwa, the protesters submitted a petition to the CBN Governor, Mr. Olayemi Cardoso, demanding urgent regulatory action against banks allegedly engaging in sharp and exploitative practices.

Elekwa lamented that many Nigerian bank customers have continued to suffer losses running into millions of naira through hidden charges and fraudulent deductions, while banks declare huge profits yearly.

“These charges amount to a loss of millions of naira by customers, yet banks keep declaring trillions in profit at the expense of innocent depositors who lack the platform to complain,” she said.

She added that the protest aimed to alert the government, regulators, and the public to what she described as “unwholesome and illegal practices” in the banking sector, calling for immediate reforms to protect depositors.

Responding to the protesters, Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, assured that the apex bank would look into their complaints and address their concerns accordingly.